MLS Reverse Mortgage

For a long time, there has been little secondary market appetite for jumbo reverse mortgages, which many may refer to as proprietary reverse mortgages. We now have a product available for home values between $500,000 and $6,000,000, with exceptions being made on a case by case basis above the $6 million mark. These loans will carry a higher interest rate than the traditional HECM, however they will allow for far greater loan proceeds at closing. We currently only offer this reverse mortgage as a fixed rate, with all available proceeds needing to be drawn at closing. 

Example (as of 8/10/11):

A homeowner in Santa Barbara, aged 74 today with a home value of $3,500,000 would be eligible to recieve a lump sum of $1,294,000 at closing. A tradition HECM would only allow for about $423,000.

Be sure to call us toll free at 1-888-888-4834 or complete our application for all the details.